Unsecured loan is a loan package deployed by many retail banks in Vietnam for customers. Many people choose this loan package largely because they do not have valuable collateral or do not want to mortgage the property. In addition, unsecured bank loans also have low interest rates with high loan limits. However, which bank should I apply for an unsecured loan to get the fastest approval?
- 1. Unsecured loan is a loan package like?
- 2. Which bank is the best and most reputable unsecured loan?
Unsecured loan is a loan package like?
An unsecured loan is a form of bank loan that does not require money or guarantees from a company or family. The bank is based on the customer’s reputation, the company where the customer is working and the monthly income to approve the loan limit.
To approve a bank loan limit based on creditworthiness includes many different factors. Usually includes: loan history recorded through CIC, proof of income, employment contract, etc.
Regarding the loan amount, banks usually support up to 500 million VND, borrowing within 12-60 months. Customers can apply for loans to carry out the purposes of consumption, small business, shopping for household equipment, home renovation, etc.
Why should you get a bank loan in the form of an unsecured loan?
An unsecured loan is a loan that has many advantages that cannot be ignored, such as:
– No need to mortgage valuable assets in the customer’s name.
– The process of applying for a loan is simple, helping customers receive the loan amount they need in a timely manner.
– No need to prove, prepare a plan to use capital or what is the purpose of using capital.
– Borrow up to 500 million or 10 times the average monthly income.
– Supported by a team of experienced, knowledgeable and dedicated staff.
Borrowing without collateral is considered a quick loan because the approval time is shorter and faster than traditional loans.
Which bank is the best and most reputable unsecured loan?
Banks providing unsecured loans on salary will apply different loan interest rates, depending on the regulations from time to time in each unit. In addition, the actual applied interest rate on each customer’s loan also varies depending on the place of loan registration, income level, loan/credit history of that customer.
For customers who receive their salary into the account of the bank applying for a loan, there may be a promotion to reduce the interest rate. Not only that, customers who have borrowed from a bank and have a good repayment history will have a high credit score and receive a lower loan interest rate than customers who borrow money for the first time.
Top 5 banks supporting reputable unsecured loans
VPBank: Vietnam Prosperity Joint Stock Commercial Bank
VPBank supports a variety of loans for consumers. Currently, the interest rate on unsecured loans regulated by VPBank is about 16%/year. This interest rate varies depending on various factors and is calculated on a decreasing balance.
Customers can borrow up to 500 million VND without collateral.
OCB: Oriental Bank
OCB may not be a familiar bank for many people. However, OCD supports customers with unsecured loan packages with simple procedures. Attractive interest rate from 1.67%/month, interest calculated according to the principal balance.
Minimum requirements: Customers with average monthly income from 3 million VND, maximum loan 200 million.
Shinhan is the largest foreign-invested bank operating in Vietnam. Currently, the two hottest products here are credit cards and unsecured loans. Unsecured loans have an annual interest rate of 13% -18%/year, calculated on a gradually decreasing balance. Customers can borrow up to 12 times their income but not more than 300 million.
Vietcombank: Bank for Foreign Trade of Vietnam
As one of the banks with the most customers today, Vietcombank continuously supports customers with the best products, including unsecured loans:
Support flexible loan limit, up to 500 million VND or 20 times income.
A flexible instalment period from 1 to 5 years helps customers to proactively plan debt repayment.
Preferential interest rates for unsecured loans, only from 15%/year.
Should I apply for an unsecured loan?
In life it is impossible to predict situations where you need an immediate source of money. You may need money to buy furniture for your home; travel; wedding; medical examination and treatment… Not only that, you don’t always have a savings fund available to use.
So, when you need money urgently, the procedure is easy, without collateral, a consumer unsecured loan will be a great choice. You just need to choose a reputable bank and apply for a loan for support.
With the suggestions we mentioned above, you can choose to borrow at one or more banks. As long as you meet the conditions set by the bank and think carefully about your solvency, you can choose the most suitable loan.
Besides bank loans, you can choose online loan packages for fast cash support within the day. Register for online loan advice 24/7 at OnCredit for support up to VND 18 million.